The structural health monitoring market is estimated to grow from USD
1.48 billion in 2018 to USD 3.38 billion by 2023, at a CAGR of 17.93%
between 2018 and 2023.

Major factors driving the growth of the structural health monitoring
market include the catastrophic failure of the infrastructure that
results in loss of lives and incurs higher costs, stringent
environmental regulations pertaining to the sustainability of
structures, and aging infrastructure and the superior benefits of
structural health monitoring. However, high installation and monitoring
costs, inaccurate results due to errors in readings, slow growth of
developing countries are the major restraining factors for the growth of
the structural health monitoring market.

Considering today's scenario, wired structural health monitoring systems
are widely adopted for monitoring different types of structures as they
offer reliable connectivity, and there is no limitation on long-distance
data transfer. Additionally, wired monitoring systems are already being
used for the overall assessment of numerous structures such as bridges,
buildings, and dams in various countries.

This growth can be due to the rapid infrastructure building activities
being undertaken in APAC, mainly in China, India, and Japan where
structural health monitoring paves the way for the modernization of
infrastructure. Further, investments from the government sector are also
increasing to enhance the infrastructure facilities in the region.